THE NEWS WRAP: Insurers prepare for a flood of claims

Insurance companies are preparing for thousands of claims and tens of millions of dollars in damage in the aftermath of cyclone Oswald and the subsequent floods in Queensland and Northern NSW.

According to the Insurance Council of Australia, claims from the floods have already passed the 5,000 mark and account for $43 million in damages.

The situation is compounded by natural disasters in other parts of the country, including the bushfires in Tasmania, which have caused $130 million in damage so far.

Coal giants threaten legal action if unions strike against competitor

Xstrata Coal and Whitehaven Coal have taken the unusual step of threatening legal action if the Rail, Tram and Bus Union goes ahead with a threatened strike against their competitor, Asciano subsidiary Pacific National Coal.

The threat comes after New South Wales-based Pacific National walked away from pay negotiations with the union late last week.

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